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How to buy a new car in a high-cost environment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and analyze information for free - so that you can make your financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. But this compensation does have no impact on the information we publish, or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that could be open to you.



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4 minutes read Read Published March 03, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of taking out loans to purchase an automobile.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that break down complex topics into manageable bites.









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Buying a brand comes with the added perks of personalization, latest technology and the sought-after fresh car smell. But for the past few months, purchasing a brand new car has also carried record high costs. With a rise of 11.9 percent over the same time last year, the average new car transaction price (ATP) was $48,000, reports . So, if purchasing a new car is in your future, you should be sure to consider best practices before making the trip to the dealer. Five strategies to save money when buying a brand new car when prices are high when you are making a major purchase, the most effective way to save money is to prepare. It is crucial to conduct study prior to starting looking for a vehicle, make sure you lock the financing you are able to afford and plan in line with. In addition, with the cost of cars at an all-time high, it might be a good time to think about buying a car instead of new. Together with our experts Brian Moody, executive editor at Autotrader offered his suggestions for saving money no matter the overall car buying climate. 1. Research before heading to the dealership. Online resources have changed the way you buy cars and now enable you to be aware of the exact inventory dealers have on the lot before going in person. This is especially important with less inventory available. Make sure you check the availability of vehicles in your area before going to the dealership in person. Otherwise, you may be pushed to purchase a vehicle that you've not conducted enough research about. Moody suggests "doing the majority of your research online before going to a dealership in person." Be attentive to any extras or deals dealers might offer. Two dealerships could be selling the same vehicle, but one may provide better benefits, such as discounts on maintenance or free car accessories, Moody explains. 2. You can apply for loan preapproval. It is a vital step to consider when purchasing a brand new vehicle. It locks in your expected monthly expenses with a prospective lender prior to purchasing the car. Then, you can make a decision based on a solid understanding of the amount you'll be spending. But when be sure to think about it the same way you approach car shopping -- look at the different lenders, and don't decide on the first choice you are presented with. As Moody explains, high prices mean that loan preapproval all the more essential to saving money. Moody suggests preapproval at your local lender or bank. 3. Be mindful of your budget vehicle prices hitting close to $50,000 you must use your budget as your reference when you are shopping for your next car. While it's certain that regardless of conditions, it's important to stick to your budget, when prices are this high there isn't much flexibility. To determine the amount you're able to afford, use an to find your monthly finance cost. And don't forget to factor in vehicle costs, like and . 4. You might consider leasing for a short term If you have your sights set on a specific car that you can't find on the dealer lot, can be an effective way to still get behind the steering wheel. "While leasing for a longer period will cost more, leasing for the short term can help a buyer obtain the car they desire at a reasonable cost," Moody says. By the time the lease expires the economy will likely be different, and you might be able to buy a brand new vehicle. 5. Purchase a pre-owned vehicle if you are flexible, buying a vehicle instead of buying a brand new one can be an excellent alternative. It will not only make sure that you are able to drive away with a car and not have to worry about parking, but it can also result in savings. "Those who are looking for a bargain deal should look at second-hand automobiles," Moody says. Due to the huge demand for vehicles and the comparatively low supply, the cost of new cars will continue to be excessive. The current state of the car market Current price of cars is dependent on a variety of factors, like available inventory and supply chain issues that remain and . These all affect the price which you will pay in the dealership. However, Moody states that the primary impact currently is due to supply versus demand. "There only around 1 million new cars available at dealerships across the nation." Moody says. "The used inventory of cars is more than double that. The lack of new cars coupled with a high demand is pushing prices to go up." To top this, moves made by the make borrowing money for your new car expensive also. Fourth quarter 2022 witnessed people financing 4 percent more for their vehicles, as per . During the Fourth Quarter of 2021, those who took out auto loans financed an average of $39,834- versus the average $41,445 car owners are financing in 2022. With the combination of high interest rates and expensive cars, it is possible to pay more for an expensive new car. Will vehicle prices return to their normal levels? The question of car prices returning to their normal levels is a bit more difficult issue. According to Moody the new inventory will start to stabilize by the spring of 2023. "There are a lot of new models coming out and some supply chain issues will be worked out by then," Moody says. So, until then, you'll need to be ready to conduct more research than normal and may end up with less than the car you've always wanted. However, just because there's only a small selection of cars does not mean that you cannot leave the lot feeling satisfied. The main point is that if you have the flexibility to wait on buying an automobile It could be worth it to save money. If you're like many Americans, waiting may have to be a last resort. Consider buying a car with a bit more research and be prepared to pay some more, even if you end up with a bargain. Learn more


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.






Auto loans editor




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